USD/JPY Technical Analysis: Refreshes session tops, bulls await a move beyond 200-DMA

USD/JPY quickly reverses an early dip to two-week lows, below mid-108.00s.
Positive trade-related headlines prompted some intraday short-covering move.

Haresh Menghani FXStreet

The USD/JPY pair showed some resilience below a confluence support near mid-108.00s and rallied around 35 pips from near two-week lows in reaction to positive trade-related headlines.

The mentioned support comprises of 50-day SMA and over one-month-old ascending trend-line, which should now act as a key pivotal point for short-term traders.

It is worth mentioning that a Bloomberg report indicated that the US and China are moving closer to agreeing on the amount of tariffs that would be rolled back in a phase-one trade deal.

Meanwhile, technical indicators on the 1-hourly chart have quickly moved back into the bullish territory but are yet to catch up with the positive move on 4-hourly chart/daily charts.

Hence, it will be prudent to wait for some strong follow-through buying, possibly beyond the very important 200-day SMA (around the 108.90 region) before positioning for additional gains.

USD/JPY daily chart

USD/JPY

Overview
Today last price	108.74
Today Daily Change	0.11
Today Daily Change %	0.10
Today daily open	108.63

Trends
Daily SMA20	108.93
Daily SMA50	108.48
Daily SMA100	107.78
Daily SMA200	108.9

Levels
Previous Daily High	109.21
Previous Daily Low	108.48
Previous Weekly High	109.67
Previous Weekly Low	108.63
Previous Monthly High	109.67
Previous Monthly Low	107.89
Daily Fibonacci 38.2%	108.76
Daily Fibonacci 61.8%	108.93
Daily Pivot Point S1	108.34
Daily Pivot Point S2	108.05
Daily Pivot Point S3	107.62
Daily Pivot Point R1	109.07
Daily Pivot Point R2	109.5
Daily Pivot Point R3	109.79

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

EUR/USD looks sidelined around 1.1850

EUR/USD remains on the back foot, extending its bearish tone and sliding towards the 1.1850 area to print fresh daily lows on Monday. The move lower comes as the US Dollar gathers modest traction, with thin liquidity and subdued volatility amplifying price swings amid the US market holiday.

GBP/USD flirts with daily lows near 1.3630

GBP/USD has quickly given back Friday’s solid gains, turning lower at the start of the week and drifting back towards the 1.3630 area. The focus now shifts squarely to Tuesday’s UK labour market report, which is likely to keep the quid firmly in the spotlight and could set the tone for Cable’s next move.

Gold battle around $5,000 continues

Gold is giving back part of Friday’s sharp rebound, deflating below the key $5,000 mark per troy ounce as the new week gets underway. Modest gains in the US Dollar are keeping the metal in check, while thin trading conditions, due to the Presidents Day holiday in the US, are adding to the choppy and hesitant tone across markets.

Bitcoin consolidates as on-chain data show mixed signals

Bitcoin price has consolidated between $65,700 and $72,000 over the past nine days, with no clear directional bias. US-listed spot ETFs recorded a $359.91 million weekly outflow, marking the fourth consecutive week of withdrawals.

The week ahead: Key inflation readings and why the AI trade could be overdone

It is likely to be a quiet start to the week, with US markets closed on Monday for Presidents Day. European markets are higher across the board and gold is clinging to the $5,000 level after the tamer than expected CPI report in the US reduced haven flows to precious metals.

XRP steadies in narrow range as fund inflows, futures interest rise

Ripple is trading in a narrow range between $1.45 (immediate support) and $1.50 (resistance) at the time of writing on Monday. The remittance token extended its recovery last week, peaking at $1.67 on Sunday from the weekly open at $1.43.